Qatar Energy Company announced today (Wednesday) that it has agreed to acquire a 25 percent stake in the Integrated Gas Growth Project, a multi-billion dollar project aimed at developing natural gas resources in Iraq .

The company added, in a statement on its website, that the project alliance will consist of the Basra Oil Company with a 30 percent stake, the French operator Total Energies with a 45 percent stake, and Qatar Energy with a 25 percent stake, after completing the contractual arrangements and obtaining Usual regulatory approvals.

The statement did not disclose the value of the deal or any other details about it.

"We are pleased to be part of this important and vital project for the energy sector in the Republic of Iraq," the Minister of State for Energy Affairs, Managing Director and CEO of ((Qatar Energy)) Saad bin Sherida Al-Kaabi was quoted as saying.

Al-Kaabi added that he is looking forward to working with the partners in Total Energies and the Basra Oil Company for the success of this project, expressing his thanks to the Iraqi government for its support to reach this agreement and for its confidence in the Qatari company as a reliable partner.

The Integrated Gas Growth Project, which was signed in September 2021, is a strategic project that includes investments of about $10 billion to design and construct facilities to recover large quantities of gas that was previously flared in the Basra region and supply it to power plants.

The project also includes building an integrated system for treating and distributing seawater to inject it into oil reservoirs to maintain pressure in those reservoirs, according to the statement.

For its part, (Total Energies) stated in a statement today that it had reached an agreement to implement a contract in Iraq that was signed in 2021 and was delayed for two years, to establish four mega projects with investments amounting to $27 billion, according to the website of the "energy" platform specialized in energy markets.

According to the site, the French company targets an initial investment of $10 billion in Iraq during the first phase by starting the implementation of engineering works for some projects.

The deal includes four huge projects represented in extending a marine pipeline that transports sea water to the oil fields with a design capacity of 7.5 million barrels of water per day in order to maintain production from the oil fields, develop the Artawi oil field and increase production from 80,000 barrels per day to 200,000 barrels per day.

It also includes the construction of the Artawi gas complex with a capacity of 600 million standard cubic feet for the purpose of investing in burning gas from the oil fields, in addition to the establishment of a solar power plant with a capacity of up to 1,000 megawatts.

Iraq expects total revenues of profits of up to 95 billion US dollars during the contract period of 25 years, by calculating the price of a barrel of oil at 50 dollars, according to the same source.